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Nonprofiteer
← WESTMINSTER THEOLOGICAL SEMINARY

Form 990 for tax year 2024

Filed by WESTMINSTER THEOLOGICAL SEMINARY.

Totals

Total revenue
$32,134,115
Total expenses
$30,037,172
Contributions and grants received
$12,839,061
Grants paid
$5,452,078
Program service revenue
$17,990,573
Investment income
$1,304,481
Other revenue
$0
Total assets, end of year
$77,992,810
Total liabilities, end of year
$10,718,127
Net assets or fund balances, end of year
$67,274,683
Program services expenses (Part IX)
$22,865,470
Management and general expenses
$4,193,948
Fundraising expenses
$2,977,754
Program service expenses (Part III)
$22,865,470

Program services were 76.1% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1d · Related organizations

    $89,277

  • 1e · Government grants (contributions)

    $2,689,958

  • 1f · All other contributions, gifts and grants

    $10,059,826

  • 1g · Noncash contributions included above

    $596,297

  • 2a · Program service revenue: TUITION AND FEES

    total $12,698,262 · related or exempt $12,698,262

  • 2b · Program service revenue: WTS BOOKSTORE

    total $4,585,820 · related or exempt $4,585,820

  • 2c · Program service revenue: STUDENT HOUSING

    total $224,039 · related or exempt $224,039

  • 2f · All other program service revenue

    total $482,452 · related or exempt $482,452

  • 3 · Investment income

    total $1,590,761 · excluded $1,590,761

  • 7a · Gross sales of assets other than inventory

    securities $21,320,193 · other assets $2,226,257

  • 7b · Less cost or other basis and sales expenses

    securities $21,108,848 · other assets $2,723,882

  • 7c · Gain or loss

    securities $211,345 · other assets -$497,625

  • 7d · Net gain or loss

    total -$286,280 · excluded -$286,280

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $3,586,595 · program services $3,586,595

  • 3 · Grants to foreign organizations and individuals

    total $1,865,483 · program services $1,865,483

  • 5 · Compensation of officers, directors and key employees

    total $1,260,636 · program services $91,925 · management and general $699,247 · fundraising $469,464

  • 6 · Compensation of disqualified persons

    total $768 · program services $493 · management and general $143 · fundraising $132

  • 7 · Other salaries and wages

    total $9,764,085 · program services $7,389,537 · management and general $1,263,099 · fundraising $1,111,449

  • 8 · Pension plan contributions

    total $428,817 · program services $307,860 · management and general $54,456 · fundraising $66,501

  • 9 · Other employee benefits

    total $898,139 · program services $660,833 · management and general $121,397 · fundraising $115,909

  • 10 · Payroll taxes

    total $615,951 · program services $395,837 · management and general $115,391 · fundraising $104,723

  • 11b · Fees: legal

    total $92,668 · program services $9,561 · management and general $76,419 · fundraising $6,688

  • 11c · Fees: accounting

    total $68,158 · management and general $68,158

  • 11f · Fees: investment management

    total $63,358 · management and general $63,358

  • 11g · Fees: other

    total $1,848,961 · program services $1,366,809 · management and general $463,851 · fundraising $18,301

  • 12 · Advertising and promotion

    total $562,738 · program services $231,097 · management and general $19,685 · fundraising $311,956

  • 13 · Office expenses

    total $1,236,447 · program services $940,504 · management and general $154,867 · fundraising $141,076

  • 14 · Information technology

    total $891,161 · program services $555,395 · management and general $213,236 · fundraising $122,530

  • 16 · Occupancy

    total $454,863 · program services $124,048 · management and general $289,597 · fundraising $41,218

  • 17 · Travel

    total $757,499 · program services $566,377 · management and general $23,299 · fundraising $167,823

  • 19 · Conferences, conventions and meetings

    total $249,555 · program services $147,351 · management and general $1,487 · fundraising $100,717

  • 20 · Interest

    total $63,802 · program services $50,614 · fundraising $13,188

  • 22 · Depreciation, depletion and amortization

    total $1,495,292 · program services $844,164 · management and general $527,334 · fundraising $123,794

  • 24a · Other expenses: BOOKSTORE COGS

    total $3,384,988 · program services $3,384,988

  • 24b · Other expenses: UTT PROGRAM EXPENSE

    total $61,439 · program services $61,439

  • 24e · All other expenses

    total $385,769 · program services $284,560 · management and general $38,924 · fundraising $62,285

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,709,665 · end of year $2,956,527

  • 2 · Savings and temporary cash investments

    beginning of year $7,125,777 · end of year $10,312,004

  • 4 · Accounts receivable

    beginning of year $613,527 · end of year $959,095

  • 7 · Other notes and loans receivable

    beginning of year $110,265 · end of year $107,469

  • 8 · Inventories for sale or use

    beginning of year $1,306,920 · end of year $1,354,031

  • 9 · Prepaid expenses and deferred charges

    beginning of year $509,131 · end of year $437,506

  • 10a · Land, buildings and equipment: cost or other basis

    $41,888,037

  • 10b · Land, buildings and equipment: accumulated depreciation

    $18,285,911

  • 10c · Land, buildings and equipment, net

    beginning of year $16,425,798 · end of year $23,602,126

  • 11 · Investments: publicly traded securities

    beginning of year $24,434,778 · end of year $24,096,388

  • 12 · Investments: other securities

    beginning of year $5,621,784 · end of year $3,752,331

  • 15 · Other assets

    beginning of year $11,341,316 · end of year $10,415,333

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,392,439 · end of year $4,515,437

  • 19 · Deferred revenue

    beginning of year $3,985,319 · end of year $4,117,151

  • 23 · Secured mortgages and notes payable

    beginning of year $146,629 · end of year $127,205

  • 24 · Unsecured notes and loans payable

    beginning of year $1,503,000 · end of year $1,503,000

  • 25 · Other liabilities

    beginning of year $565,675 · end of year $455,334

  • 27 · Net assets without donor restrictions

    beginning of year $19,731,450 · end of year $34,068,828

  • 28 · Net assets with donor restrictions

    beginning of year $43,874,449 · end of year $33,205,855

Mission and programs · 2024

Mission

THE FORMATION OF MEN FOR THE GOSPEL MINISTRY AS PASTORS, EVANGELISTS, & TEACHERS WHO SHALL PROCLAIM THE WHOLE COUNSEL OF GOD THROUGHOUT A CHANGING WORLD. THE THEOLOGICAL TRAINING OF CHURCH OFFICERS AS STEWARDS OF CHRIST, AND THE COMMUNICATION OF BIBLICAL STUDIES.

Activities or mission (Part I)

TO FORM CHRISTIAN LEADERS TO PROCLAIM THE WHOLE COUNSEL OF GOD THROUGHOUT A CHANGING WORLD.

  • POSTGRADUATE ACADEMIC PROGRAMSWESTMINSTER EXISTS TO TRAIN SPECIALISTS IN THE BIBLE TO PROCLAIM THE WHOLE COUNSEL OF GOD FOR CHRIST AND HIS GLOBAL CHURCH. IT IS OUR INTENTION TO CONTRIBUTE TO THE TRAINING AND SPIRITUAL FORMATION OF ALL OF OUR STUDENTS IN THE VARIOUS DEGREE PROGRAMS. WE CURRENTLY OFFER PROGRAMS LEADING TO THE MASTER OF DIVINITY (MDIV), MASTER OF ARTS IN RELIGION (MAR), MASTER OF ARTS IN COUNSELING (MAC), MASTER OF ARTS IN THEOLOGICAL STUDIES (MATS), MASTER OF THEOLOGY (THM), DOCTOR OF MINISTRY (DMIN), DOCTOR OF PHILOSOPHY (PHD), AND A CERTIFICATE IN CHRISTIAN STUDIES (CERT).(CONTINUED ON SCHEDULE O)FALL 2024 ENROLLMENT WAS 1,183 STUDENTS WITH 185 IN THE RESIDENTIAL PROGRAM, 770 IN ONLINE LEARNING, 168 IN THE KOREAN CAMPUS, 54 IN THE SPANISH CAMPUS, AND 6 VISITING STUDENTS. WITH RESPECT TO SPRING 2025, ENROLLMENT WAS 1,171 WITH 167 IN THE RESIDENTIAL PROGRAM, 753 IN ONLINE LEARNING, 77 IN THE SPANISH PROGRAM, 170 IN THE KOREAN CAMPUS, AND 4 VISITING STUDENTS.RESIDENTIAL PROGRAMS: FALL 2024 - 85 IN MDIV, 17 IN MAR, 14 IN THM, 29 IN PHD, 40 IN DMIN; SPRING 2025 - 82 IN MDIV, 15 IN MAR, 10 IN THM, 29 IN PHD, 31 IN DMIN.

    Expenses $13,401,001 · Grants $5,206,634 · Revenue $7,258,266

  • ONLINE LEARNINGONLINE LEARNING PROVIDES MULTIPLE DEGREE PROGRAMS ONLINE TO TRAIN LEADERS IN MINISTRY ANYWHERE IN THE WORLD IN THEIR LOCAL MINISTRY CONTEXTS. IN ADDITION TO MASTER OF ARTS IN COUNSELING AND A MASTER OF ARTS IN THEOLOGICAL STUDIES, WE HAVE BEEN OFFERING THE MASTER OF DIVINITY (MDIV) AND MASTER OF ARTS IN RELIGION (MAR) ONLINE. IN FALL 2024, WE HAD 191 STUDENTS IN THE MATS PROGRAM, 339 IN MAC, 53 IN MAR, 140 IN THE MDIV, AND 47 CERTIFICATE STUDENTS. IN SPRING 2025, 182 IN MATS, 342 IN MAC, 53 IN MAR, 138 IN MDIV, AND 38 CERTIFICATE STUDENTS.

    Expenses $5,557,144 · Grants $245,444 · Revenue $5,922,448

  • WTSBOOKS.COMWESTMINSTER BOOKSTORE IS THE CAMPUS BOOKSTORE FOR WESTMINSTER THEOLOGICAL SEMINARY. WE EXIST TO SERVE THE KINGDOM OF GOD BY SERVING THE WESTMINSTER THEOLOGICAL SEMINARY COMMUNITY THROUGH THE DISTRIBUTION OF HIGH QUALITY, BIBLICALLY FAITHFUL, REFORMED BOOKS AND RESOURCES.

    Expenses $3,634,546 · Revenue $4,585,820

  • STUDENT HOUSINGWTS OFFERS LIMITED HOUSING FOR UP TO 15 STUDENTS AT ITS CHURCH ROAD CAMPUS IN GLENSIDE: 8 MALE STUDENTS AND 3 FEMALE STUDENTS IN MACHEN HALL; 3 MALE STUDENTS IN SEOKNAM HOUSE; AND 1 STUDENT FAMILY IN THE CHURCH ROAD GATEHOUSE. IN ADDITION, WTS OWNS 9 FURNISHED CONDOMINIUMS AT 1600 CHURCH ROAD IN WYNCOTE, PA, AND CAN HOUSE UP TO 1 STUDENT OF EITHER GENDER PLUS HIS/HER FAMILY OF UP TO 3 TOTAL PERSONS.

    Expenses $211,340 · Revenue $224,039

  • UPHOLDING THE TRUTH, LLC OR "UTT"THE PURPOSE OF UTT IS TO STUDY, PROMOTE, AND ADVANCE THE TRUTH AND ETHICS OF A BIBLICALLY CONSISTENT WORLDVIEW IN ALL SPHERES OF LIFE AND WHEN APPROPRIATE, TO DO SO WITH ALLIED INDIVIDUALS, GROUPS, AND ORGANIZATIONS THAT ARE COMMITTED TO THE SAME PERSPECTIVE. REPRESENTATIVE PROJECTS INCLUDE AN ANNUAL CONFERENCE DEVOTED TO THE INTERSECTION OF SCIENCE AND FAITH.

    Expenses $61,439

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • John Weiser

    BOARD CHAIRMAN

    Total calculated
    $0
    Hours/week
    5

  • M Douglas Hart

    BOARD VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    5

  • William Langford

    TREASURER

    Total calculated
    $0
    Hours/week
    5

  • Tom Conway

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Gabriel Ne Fluhrer

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Gregory A Poland

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • John Maynard

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Juan Carlos Martinez

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Mark Sallade

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Richard B Gaffin III

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Richard Phillips

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Zachary Aills

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5 + 1 related

  • Noel Greenberger

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Rob Pacienza

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5

  • Larry Puls

    TRUSTEE (PART YEAR)

    Total calculated
    $0
    Hours/week
    5

  • Peter Lillback

    PRESIDENT

    Total calculated
    $240,279
    From this org
    $165,655
    From related orgs
    $0
    Other
    $74,624
    Hours/week
    45 + 1 related

    Schedule J breakdown matched by us

    Base
    $150,780
    Bonus
    $0
    Other
    $14,875
    Deferred
    $13,943
    Nontaxable benefits
    $60,681
    Filer's total
    $240,279

  • Jerry Timmis

    VP OF STEWARDSHIP

    Total calculated
    $219,176
    From this org
    $190,371
    From related orgs
    $0
    Other
    $28,805
    Hours/week
    45 + 1 related

    Schedule J breakdown matched by us

    Base
    $151,782
    Bonus
    $37,203
    Other
    $1,386
    Deferred
    $13,458
    Nontaxable benefits
    $15,347
    Filer's total
    $219,176

  • David Garner

    CHIEF ACADEMIC OFFICER

    Total calculated
    $189,212
    From this org
    $109,462
    From related orgs
    $0
    Other
    $79,750
    Hours/week
    45 + 1 related

    Schedule J breakdown matched by us

    Base
    $107,908
    Bonus
    $101
    Other
    $1,453
    Deferred
    $18,236
    Nontaxable benefits
    $61,514
    Filer's total
    $189,212

  • Chun Lai

    CHIEF OPERATING OFFICER

    Total calculated
    $181,300
    From this org
    $150,924
    From related orgs
    $0
    Other
    $30,376
    Hours/week
    45 + 1 related

    Schedule J breakdown matched by us

    Base
    $150,318
    Bonus
    $109
    Other
    $497
    Deferred
    $10,868
    Nontaxable benefits
    $19,508
    Filer's total
    $181,300

  • Pau Ping Sze To

    SR DIRECTOR OF FINANCE

    Total calculated
    $147,579
    From this org
    $129,808
    From related orgs
    $0
    Other
    $17,771
    Hours/week
    45

  • Steve Carter

    CHIEF OF STAFF/COMPANY SECRETARY

    Total calculated
    $146,632
    From this org
    $135,011
    From related orgs
    $0
    Other
    $11,621
    Hours/week
    45 + 1 related

  • James Sweet

    VP & DIR OF SPECIAL PROJECTS

    Total calculated
    $63,810
    From this org
    $58,440
    From related orgs
    $0
    Other
    $5,370
    Hours/week
    13

  • Yohan Kim

    SR DIRECTOR OF ONLINE LEARNING

    Total calculated
    $171,619
    From this org
    $141,642
    From related orgs
    $0
    Other
    $29,977
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $128,330
    Bonus
    $13,108
    Other
    $204
    Deferred
    $10,683
    Nontaxable benefits
    $19,294
    Filer's total
    $171,619

  • Jonathan Brack

    SR DIRECTOR OF ENROLLMENT

    Total calculated
    $170,673
    From this org
    $144,695
    From related orgs
    $0
    Other
    $25,978
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $129,383
    Bonus
    $13,108
    Other
    $2,204
    Deferred
    $10,204
    Nontaxable benefits
    $15,774
    Filer's total
    $170,673

  • Andrew Schwartz

    SR DIRECTOR OF STEWARDSHIP

    Total calculated
    $157,139
    From this org
    $127,829
    From related orgs
    $0
    Other
    $29,310
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $117,503
    Bonus
    $10,110
    Other
    $216
    Deferred
    $9,261
    Nontaxable benefits
    $20,049
    Filer's total
    $157,139

  • Brandon Crowe

    PROF OF NEW TESTAMENT

    Total calculated
    $145,764
    From this org
    $119,815
    From related orgs
    $0
    Other
    $25,949
    Hours/week
    45

  • Elizabeth Tawadros

    SENIOR DIRECTOR OF STEWARDSHIP

    Total calculated
    $144,065
    From this org
    $121,664
    From related orgs
    $0
    Other
    $22,401
    Hours/week
    45

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · Discretionary spending account
  • 1a · Housing allowance or residence for personal use
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 7 · Other non-fixed payments

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 1A
DISCRETIONARY SPENDING ACCOUNT: PRESIDENT PETER LILLBACK HAS A DISCRETIONARY ACCOUNT USED FOR PROJECTS NOT ANTICIPATED DURING BUDGETING. THESE FUNDS ARE USED SOLELY FOR SEMINARY INITIATIVES AND DOCUMENTATION TO SUPPORT BUSINESS USE OF THE FUNDS IS PROVIDED ACCORDING TO THE ACCOUNTABLE PLAN RULES. HOUSING ALLOWANCE: PURSUANT TO INTERNAL REVENUE CODE SECTION 107, MINISTERIAL HOUSING ALLOWANCES ARE PROVIDED FOR QUALIFYING MINISTERIAL EMPLOYEES. THIS IS NOT INCLUDED IN TAXABLE COMPENSATION. PETER LILLBACK, PRESIDENT, AND DAVID GARNER, CHIEF ACADEMIC OFFICER MET THE QUALIFICATIONS FOR AND RECEIVED A MINISTERIAL HOUSING ALLOWANCE DURING THE TAX YEAR.
PART I, LINE 7
THE BOARD APPROVED NONFIXED PAYMENTS MADE IN THE FORM OF DISCRETIONARY BONUSES.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • UPHOLDING THE TRUTH LLC

    TO ADDRESS CULTURAL ISSUES IN A BIBLICAL FASHION · PA · income $19,500 · assets $7,140

    Directly controlled by WESTMINSTER THEOLOGICAL SEMINARY

  • THE ETHICS OF PROFITS LLC

    STUDY & DISSEMINATE RESEARCH ON THE ETHICAL NATURE OF CAPITALISM · PA · income $0 · assets $0

    Directly controlled by UPHOLDING THE TRUTH LLC

  • WESTMINSTER SEMINARY PRESS LLC

    PUBLICATION OF NEW AND CLASSIC REFORMED CHRISTIAN BOOKS · PA · income $263,304 · assets $319,213

    Directly controlled by WESTMINSTER THEOLOGICAL SEMINARY

  • WESTMINSTER BOOKSTORE LLC

    MARKETING AND DISTRIBUTING CHRISTIAN LITERATURE · PA · income $5,174,326 · assets $1,089,859

    Directly controlled by WESTMINSTER THEOLOGICAL SEMINARY

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • CHARITABLE REMAINDER UNITRUST (2)

    T · CHARITABLE REMAINDER UNITRUST · PA · controlled entity

    Directly controlled by WESTMINSTER THEOLOGICAL SEMINARY

Provenance

Return type
form_990
Tax year
2024
Filed
15 May 2026
IRS schema version
2024v5.5
Source object
202601359349309045

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